The EDM Council has launched the Cloud Data Management Capabilities (CDMC) Best Practices Work Group to develop an open source framework to promote cloud adoption.
The trade association for data management formed the work group in collaboration with Amazon Web Services, Google Cloud, Microsoft Azure, and IBM Cloud.
The group will be co-chaired by Morgan Stanley and Refinitiv, with Capco providing project management input.
The group aims to address the common data, technology, operational and control issues in cloud implementation through the formal Data Management Capability Assessment Model, which has already been adopted by 60 percent of global financial organisations that use data management frameworks.
John Bottega, president of the EDM Council, said: “We are experiencing a transformational moment in data management. The industry is rapidly evolving the need to securely access and extract value from exponential volumes of data via the cloud.”
“It is imperative that firms implement data management best practices in their cloud strategies. We’re confident that the CDMC Work Group will play a major role in crafting this best practice framework to benefit all industries.”
